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Author Topic: Flat purchased through loan under my name for in-laws to stay  (Read 212 times)

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Offline Santo

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Flat purchased through loan under my name for in-laws to stay
« on: December 02, 2016, 11:26:48 PM »
Hi,

To facilitate my in-laws to purchase a flat for their stay, A flat was purchased on loan in year 2000 on my name since my salary was eligible for the required loan amount. The said flat was accordingly registered on my name but the required EMI amount was paid to me by my in-laws and the loan was re-paid. My in-laws are staying in the flat since purchase.
Now I want to transfer the flat on the name of my in-laws without any monetary transaction and without any tax implications to me.
Please guide me accordingly on way forward.

Offline adv.amarnath

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Re: Flat purchased through loan under my name for in-laws to stay
« Reply #1 on: December 05, 2016, 12:01:22 PM »
It is better to execute a Deed of Gift in favour of your in laws in respect of concern property. If you are from West Bengal then separate procedure would be suggested to save Stamp Duty.

For further clarification and consultation in details you can contact me
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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